About this Annual Review

We are proud to announce that our 2022 Annual Review is aligned with the latest reporting disclosures and metrics proposed by the World Economic Forum (WEF) and the International Business Council (IBC), “Towards Common Metrics and Consistent Reporting of Sustainable Value Creation”. The layout of our report mirrors that of the four pillars suggested by the WEB/IBC - Principles of Governance, People, Prosperity and Planet - and we have matched our corporate responsibility and sustainability topics with the metrics and disclosures proposed. 

In 2021 we conducted a materiality assessment of the 21 core metrics of the WEF-IBC framework to identify which ones are a priority for us currently, and selected 13 metrics where we can have the most impact for our stakeholders and in the ecosystem we operate. These are the 13 topics that are at the core of our re-designed sustainability strategy and will drive our agenda forward. The year 2022 was about setting ambitious and collective action. Our team at PwC Luxembourg established the frameworks, key performance indicators (KPIs) and actions necessary to fulfill our commitment to our 13 Ambitions. 

While we have already adopted - to various degrees - the majority of the core metrics, it is our goal to fully align with the remaining metrics that are material to us.

WEF Core Metrics and Disclosures



Metric and Disclosure

Links to more information

Adoption status

Additional details

Principles of 



Governing Purpose

Setting purpose

The company’s stated purpose, as the expression of the means by which a business proposes solutions to economic, environmental and social issues. Corporate purpose should create value for all stakeholders, including shareholders.


PwC's code of conduct


Our Purpose and Values are the foundation of our success. We exist to build trust and solve important problems, and our values help us deliver on that Purpose.

Quality of governing body

Governance body composition*

Composition of the highest governance body and its committees by: competencies relating to economic, environmental and social topics; executive or non- executive; independence; tenure on the governance body; number of each individual’s other significant positions and commitments, and the nature of the commitments; gender; membership of under- represented social groups; stakeholder representation.


Full Quality of Governing body is a material sustainability topic for us. Our firm is led by our CEO, John Parkhouse with the support of our Executive Committee. SUSTAIN@PwC, was established in April 2021 as the steering committee to execute on our sustainability strategy and ambitions. We’re now one year later. Under the leadership of our CEO, John Parkhouse, and supporting Vice Chair, Christophe Pittie, the committee includes four leaders, each running one of the four pillars: Governance, Prosperity, People and Planet. They are Senior Partners and are directly linked to sustainability topics. They bring expertise and experience to their respective themes, spreading our ambitions throughout their areas.

Stakeholder engagement

Material issues impacting stakeholders*

A list of the topics that are material to key stakeholders and the company, how the topics were identified and how the stakeholders were engaged.


Stakeholder engagements is a material sustainability topic for us. 

In 2021 we identified 13 priority topics from the WEF-IBC core metrics that form the basis of our new sustainability strategy. 

The year 2022 was about setting ambitious and collective action. 

In our journey of transforming our ambitions into action we have therefore to inform, engage, evaluate and compensate stakeholders with reference to objectives that apply to them starting internally with our leaders and leadership teams and cascading down to the wider Partners group, management and staff.

In 2022, we drew our transition Roadmap; in 2023, we will execute on it also including the external stakeholder engagement.


Ethical Behaviour


1. Total percentage of governance body members, employees and business partners who have received training on the organisation’s anti-corruption policies and procedures, broken down by region. a) Total number and nature of incidents of corruption confirmed during the current year, but related to previous years; and b) Total number and nature of incidents of corruption confirmed during the current year, related to this year.

2. Discussion of initiatives and stakeholder engagement to improve the broader operating environment and culture, in order to combat corruption.



As auditors of financial statements and providers of other types of professional services, PwC member firms and their partners and staff are expected to comply with the fundamental principles of objectivity, integrity and professional behaviour. In relation to assurance clients, independence underpins these requirements. Compliance with these principles is fundamental to serving the capital markets and our clients.

Not a material sustainability topic at this time. Planned to align with it in the near future.


Ethical Behaviour

Protected ethics advice and reporting mechanisms*

A description of internal and external mechanisms for:

1. Seeking advice about ethical and lawful behaviour and organisational integrity; and

2. Reporting concerns about unethical or unlawful behaviour and lack of organisational integrity.



Ethical behaviour is a material sustainability topic for us. Ethical behaviour, values and purpose are fundamental for our business, and for the trust our clients, communities and people place in us. 

This year we focused on the importance of our Speak-Up culture. In addition, an ethics survey involving more than 100 employees and Partners was launched.



Risk and opportunity oversight

Integrating risk and opportunity into business process

Company risk factor and opportunity disclosures that clearly identify the principal material risks and opportunities facing the company specifically (as opposed to generic sector risks), the company appetite in respect of these risks, how these risks and opportunities have moved over time and the response to those changes. These opportunities and risks should integrate material economic, environmental and social issues, including climate change and data stewardship.

Message from our CEO


The phrase “Perma-crisis” certainly speaks to the sense of continuous challenge and uncertainty we all face, although it arguably underplays the sheer scale of what we see today. The importance of working together—business, policy makers and society at large—has rarely been so obvious nor so critical as we all strive to provide the stability and certainty we need in our tumultuous world. 

At PwC, our purpose is to build trust and help solve important problems (i.e. problems important to our stakeholders) and it's with this in mind that we strive in our own (very) small way to make a difference for our clients, for our people and in our communities.





Climate Change

Greenhouse gas (GHG) emissions*

For all relevant greenhouse gases (e.g. carbon dioxide, methane, nitrous oxide, F-gases etc.), report in metric tonnes of carbon dioxide equivalent (tCO2e) GHG Protocol Scope 1 and Scope 2 emissions. Estimate and report material upstream and downstream (GHG Protocol Scope 3) emissions where appropriate.


Greenhouse gas emissions is a material sustainability topic for us. 


This year we introduced our Net Zero Ambition and have highlighted what we have achieved this past year. 


We also published for the first time an extensive list of our GHG emissions for our scopes 1, 2 and air travel emissions for scope 3. However, going forward in our Net Zero journey, we are exploring ways to increase our scope 3 and to provide additional data in future reports.


Climate Change

TCFD implementation*

Fully implement the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). If necessary, disclose a timeline of at most three years for full implementation.Disclose whether you have set, or have committed to set GHG emissions targets that are in line with the goals of the Paris Agreement – to limit global warming to well below 2°C above pre industrial levels and pursue efforts to limit warming to 1.5°C – and to achieve net-zero emissions before 2050.

Climate Risk Disclosure

IIn progress progress

TCFD implementation is a material sustainability topic for us. It is an ambition that we will only implement as of 2023.

Nature Loss

Land use and ecological sensitivity

Report the number and area (in hectares) of sites owned, leased or managed in or adjacent to protected areas and/or key biodiversity areas (KBA).


This disclosure is not relevant for us because the sites we own are not located in or adjacent to protected areas and/or key biodiversity areas. 


Freshwater Availability

Water consumption and withdrawal in water-stressed areas

Report for operations where material: megalitres of water withdrawn, megalitres of water consumed and the percentage of each in regions with high or extremely high baseline water stress, according to WRI Aqueduct water risk atlas tool. Estimate and report the same information for the full value chain (upstream and downstream) where appropriate.



This disclosure is not relevant for us because we are not located in a water-stressed area.



Dignity and Equality

Diversity and inclusion (%)*

Percentage of employees per employee category, by age group, gender and other indicators of diversity (e.g. ethnicity).

Inclusion and Diversity (I&D)


Diversity and Inclusion is a material sustainability topic for us. 

Diversity and Inclusion is a material sustainability topic for us. 


During FY22, we translated this into a series of actions that form part of our strategic plan. We are happy to spotlight the ones which really matter to our People according to the GPS survey, namely:

  • focusing through a gender lens across our talent cycle

  • nurturing awareness among our People about the inclusive mindset across all the dimensions of diversity  

  • supporting the LGBT+ community and promoting an allies’ esprit de corps.

For this metric we are exploring how to provide additional data in future reports.


Dignity and Equality

Pay equality (%)*

Ratio of the basic salary and remuneration for each employee category by significant locations of operation for priority areas of equality: women to men, minor to major ethnic groups, and other relevant equality areas.

Measuring our Gender pay gap


Pay equality is a material sustainability topic for us. 

This year, the analysis indicates that the gender pay gap, i.e. differences in salaries not explained by objective factors such as grade, seniority, etc., has increased from -0.3% to -1% to the detriment of women. It is not a massive trend but still a sign that invites us to the utmost vigilance.


Dignity and Equality

Wage level (%)*

Ratios of standard entry level wage by gender compared to local minimum wage. Ratio of the annual total compensation of the CEO to the median of the annual total compensation of all its employees, except the CEO.



PwC Luxembourg is in compliance with the minimum social wage in Luxembourg. Therefore, this metric is not material for us.


Dignity and Equality

Risk for incidents of child, forced or compulsory labour

An explanation of the operations and suppliers considered to have significant risk for incidents of child labour, forced or compulsory labour. Such risks could emerge in relation to: a) type of operation (such as manufacturing plant) and type of supplier; and b) countries or geographic areas with operations and suppliers considered at risk.

Omission We ask all of our suppliers to sign our Charter of Responsible Purchases. By signing this Charter, our suppliers have agreed to respect the Universal Declaration of Human Rights (UDHR) and follow social, ethical and environmental requirements.

Health and


Health and safety (%)*

The number and rate of fatalities as a result of work-related injury; high-consequence work-related injuries (excluding fatalities); recordable work-related injuries; main types of work-related injury; and the number of hours worked. An explanation of how the organisation facilitates workers’ access to non- occupational medical and healthcare services, and the scope of access provided for employees and workers.


Health and well-being


Health and Wellbeing is a material sustainability topic for us. 

We monitor the health and wellbeing of our staff through our burnout rate. In the past year, we registered 11 cases between January and the end of June 2022, compared with 18 cases throughout 2021. We can indeed forecast a slight increase in burnout by the end of the year. In the last year, we saw sick leave rise, almost back to the 2019 level. 

This year we have seen a significant increase (more than 5%) in our Well-being and Flexibility index, meaning our flexibility measures and programmes provided to our People are unique in the market.

We are continuously finding ways to address issues of mental health and we are exploring how to provide additional data in future reports.


Skills for the Future

Training provided (#, $)*

Average hours of training per person that the organisation’s employees have undertaken during the reporting period, by gender and employee category (total number of hours of training provided to employees divided by the number of employees). Average training and development expenditure per full time employee (total cost of training provided to employees divided by the number of employees).

Upskilling our People


Training Provided is a material sustainability topic for us. 

Our total training hours for the Firm amount to 165,303. This averages to 58 hours per employee per year. This year we specifically emphasise digitising our network by upskilling all our employees to become a ‘digital citizen’.

For this metric we are exploring how to provide additional data in future reports.



Employment and wealth generation

Absolute number and rate of employment*

1. Total number and rate of new employee hires during the reporting period, by age group, gender, other indicators of diversity and region.

2. Total number and rate of employee turnover during the reporting period, by age group, gender, other indicators of diversity and region.

Build a meaningful journey for all our People 


The voluntary turnover in FY21 was 14,5% and  increased in FY22 to 18% (22,9% of total turnover). This is largely due to the impact of the so-called "Great Resignation”, which is affecting companies around the globe. 

Attractiveness and retention are two fundamentals challenges we have identified as well as the motivation of our previously mentioned ambition to build a meaningful journey for all our people and reduce the turnover to 15 percent (P2). We have focused our efforts on flexibility solutions, upskilling and career opportunities to ensure that PwC Luxembourg remains an appealing work environment. We also hired 1,167 new people at the beginning of 2022, outpacing recruitments in the previous year.


Employment and wealth generation

Economic contribution*

1. Direct economic value generated and distributed (EVG&D), on an accruals basis, covering the basic components for the organisation’s global operations, ideally split out by:

  • Revenues
  • Operating costs
  • Employee wages and benefits
  • Payments to providers of capital
  • Payments to government
  • Community investment

2. Financial assistance received from the government: total monetary value of financial assistance received by the organisation from any government during the reporting period.

Our economic contribution and Philanthropic contribution


Economic contribution is a material sustainability topic for us. 

This year we focus on the impact we had in our ecosystem in Luxembourg through 1) our economic contribution to the Public Sector and 2) through our Philanthropic contributions. 

We are exploring ways to provide additional data in future reports.



Employment and Wealth Generation

Financial investment contribution*

1. Total capital expenditures (CapEx) minus depreciation, supported by narrative to describe the company’s investment strategy.

2. Share buybacks plus dividend payments, supported by narrative to describe the company’s strategy for returns of capital to shareholders.

Financial investment contribution


Financial investment contribution is a material sustainability topic for us. 


Ongoing investments continued this year for PwC Luxembourg with investments in Technology,  in People, including upskilling and in ESG to reach Net Zero targets. In FY22, we invested EUR 2.7M in ESG-related internal or service related projects, EUR 18.9M in technology/digitalisation and EUR 1.5M in upskilling projects (mainly with our Digital and Business Acumen programmes).


Innovation of better products and services

Total R&D expenses ($)*


Total costs related to research and development.

Future-proofed by innovation Partial

Innovation is a material sustainability topic for us. 

Innovation and intrapreneurship ignite ideas and enable the creation of new products and services. Our innovation inspires value creation and business opportunities for our clients, generating new revenue streams. To support our focus on prosperity, our PwC Exponential team is dedicated to developing new solutions for our clients (incubation) and building an extensive innovation community. 

We are exploring ways to further develop initiatives for this metric and to provide additional data in future reports.

  Community and social vitality

Total tax paid

The total global tax borne by the company, including corporate income taxes, property taxes, non-creditable VAT and other sales taxes, employer-paid payroll taxes, and other taxes that constitute costs to the company, by category of taxes.

  Omission We do not disclose this information.

Contact us

John Parkhouse

Audit Partner, PwC Luxembourg

Tel: +352 49 48 48 2133

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